Third party mandate - does it cost?

tara747 wrote: »

If I want to transfer money from the Nat West e-saver (the £50 bonus one) to my current a/c (different bank) I need to do it by third party mandate. Anyone know anything about this process and the cost, if any?

Thanks.:T

A third party mandate shouldn't cost you anything to set up, at least not with my experience at my own bank. However, unless there's part of the story missing, you shouldn't need a third party mandate just to transfer money from savings to another account, even if that other account is with another branch. Are you needing this because you aren't capable of signing the documents yourself, or of accessing your internet banking and transferring the money online?

Sorry if that's a personal question; I just set one of these up for a customer with a genuine need, so I have more experience with them then I did this time last week!

Oh, in terms of the process, the account holder will need to complete a third party mandate form and the third party will usually need to have appropriate ID&VA (Identification and Verification of Address) documents to prove to the bank that this person is legit. Once it's all signed and handed in to the branch, they will add the signatory and will probably inform you when the process is completed. After that, you have a third party with access to your finances!